Posted On: 07/01/2016 2:52:16 PM
Post# of 30070
From 8k out today: delays and potential JV for ESS
Item 8.01. Other Events.
On June 27, 2016, the Company’s contract manufacturer for its Engineered Skin Substitute ("ESS" or "Permaderm(tm)"
program notified the Company’s
management of the need to perform retraining of key personnel prior to opening the Phase 2 clinical study with the U.S. Army. The retraining is expected to take
approximately 3-5 weeks.
On June 30, 2016, the Company entered into a non-binding Letter of Intent (the "LOI) with a commercial-stage wound-care company to form a joint venture (the
"JV" for the further development of the Permaderm program. Under the terms of the LOI, the parties have exclusivity of negotiations for a period 30 days to enter
into definitive agreements as it relates to the JV (the "Exclusivity Period". The Exclusivity Period may be extended upon mutual consent of the parties.
Item 8.01. Other Events.
On June 27, 2016, the Company’s contract manufacturer for its Engineered Skin Substitute ("ESS" or "Permaderm(tm)"
program notified the Company’s management of the need to perform retraining of key personnel prior to opening the Phase 2 clinical study with the U.S. Army. The retraining is expected to take
approximately 3-5 weeks.
On June 30, 2016, the Company entered into a non-binding Letter of Intent (the "LOI) with a commercial-stage wound-care company to form a joint venture (the
"JV"
for the further development of the Permaderm program. Under the terms of the LOI, the parties have exclusivity of negotiations for a period 30 days to enter into definitive agreements as it relates to the JV (the "Exclusivity Period"
. The Exclusivity Period may be extended upon mutual consent of the parties.
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